KARACHI: On Wednesday, the State Bank of Pakistan (SBP) unveiled the foreign exchange rates for January 18, 2023.
These rates, determined on the basis of weighted average rates of commercial banks, offer valuable insights into the current status of the Pakistani Rupee (PKR) against various foreign currencies.
Here is a detailed breakdown of the buying and selling rates for key foreign currencies in PKR on January 18, 2023:
• UAE Dirham (AED):
• Buying: 62.3237 PKR
• Selling: 62.4328 PKR
• Australian Dollar (AUD):
• Buying: 160.1519 PKR
• Selling: 160.4282 PKR
• Canadian Dollar (CAD):
• Buying: 171.0306 PKR
• Selling: 171.3297 PKR
• Swiss Franc (CHF):
• Buying: 248.0522 PKR
• Selling: 248.4792 PKR
• Chinese Yuan (CNY):
• Buying: 33.7891 PKR
• Selling: 33.8424 PKR
• Euro (EUR):
• Buying: 247.0275 PKR
• Selling: 247.4756 PKR
• UK Pound (GBP):
• Buying: 281.0429 PKR
• Selling: 281.5432 PKR
• Japanese Yen (JPY):
• Buying: 1.7523 PKR
• Selling: 1.7554 PKR
• Saudi Riyal (SAR):
• Buying: 60.9130 PKR
• Selling: 61.0180 PKR
• US Dollar (USD):
• Buying: 228.7590 PKR
• Selling: 229.1751 PKR
These exchange rates play a critical role in international trade, serving as a reference for businesses and individuals involved in cross-border transactions. The rates are derived from the weighted averages of commercial banks, reflecting the prevailing market conditions.
The USD to PKR exchange rate, a key indicator for economic activities, stands at 228.7590 PKR for buying and 229.1751 PKR for selling. The stability and trend of the USD exchange rate are closely monitored by stakeholders as it has significant implications for Pakistan’s economy, affecting trade balances, inflation, and overall economic stability.
The Euro (EUR) is trading at 247.0275 PKR for buying and 247.4756 PKR for selling, while the UK Pound (GBP) is valued at 281.0429 PKR (buying) and 281.5432 PKR (selling). These rates provide an understanding of the relative strength or weakness of the Pakistani Rupee against major European currencies.
For businesses engaged in trade with the Middle East, the buying and selling rates for the UAE Dirham (AED) and the Saudi Riyal (SAR) are vital. The AED is quoted at 62.3237 PKR (buying) and 62.4328 PKR (selling), while the SAR is at 60.9130 PKR (buying) and 61.0180 PKR (selling).
It is crucial for businesses and individuals involved in international transactions to stay abreast of these exchange rates, as they directly impact the cost of imports, the value of exports, and overall economic stability. Changes in these rates can also influence investment decisions and financial planning.
The State Bank of Pakistan’s regular release of these exchange rates enhances transparency and provides a valuable resource for those navigating the complexities of the global economy. As economic conditions continue to evolve, these rates will remain a crucial reference point for financial decisions and strategic planning.
